The board of directors of RusAl, the world's largest aluminum company and one of the core shareholders of Russia's largest nickel maker Norilsk Nickel, will discuss Norilsk's offer to buy back 20% of its shares from RusAl for $12.8 billion on Monday, RusAl's core owner Oleg Deripaska said on Friday.
Last December Norilsk made its first offer to buy RusAl's 25% stake in the metals and mining company for $12 billion. The current offer is valid until March 4.
Norilsk says the transaction will be in the interests of the company's shareholders in resolving a conflict between them.
RusAl and Interros, the investment arm of Russian billionaire Vladimir Potanin, have long been at odds over control of Norilsk Nickel. RusAl says the Norilsk board is dominated by officials linked with Interros after an AGM last summer, where RusAl lost one board seat, while Interros increased its representation.
Deripaska told CNBC TV channel on Wednesday that he was not going to agree to the offer.
A source in SUAL Partners, a RusAl shareholder, said that the Norilsk offer reflected the fair cost of the company. If the details of the deal are clear, SUAL Partners will recommend supporting the offer.
KRASNOYARSK, February 18 (RIA Novosti)
